'Hope govt provides greater clarity on cryptocurrency'

Budget 2021 | Hope government provides greater regulatory clarity on cryptocurrencies in India: Unocoin CEO

We are also eying provisions and amendments in IT and GST laws for clarity on applicability of taxes

CEO Sathvik Vishwanath. Credit: Facebook

By Sathvik Vishwanath

As a Crypto-exchange platform, we have high expectations from the upcoming Union Budget. We hope that the government comes up with greater regulatory clarity on cryptocurrencies in India and there is the employment of blockchain technology for government records. We are also eying provisions and amendments in IT and GST laws for clarity on applicability of taxes. Also, there should be recognition of specific acts as offences liable to penalties so that users and platforms have a better understanding about their rights and duties.

While it may not be possible to bring out all these rules at once, some kind of road map would be necessary. This would help the country on multiple levels, whether in investment opportunities, employment or innovation. If such legislation is announced, India will join the ranks of the countries to bring a robust regulatory framework to crypto-assets and will be able to compete with developed countries in this industry"

(The author is the Chief Executive Officer of Unocoin)